myRetailer.ca

How Small Businesses can Benefit from the Canadian Budget

In efforts to stimulate the economy, the Canadian Government has included a number of changes in the 2009 budget to help small businesses. In fact, there’s so much in the budget that I had to write a second posting in order to touch on a few other facts that I found beneficial.

Now I haven’t read through the entire budget word for word, but from my quick overview of the sections that I thought were most relevant to small businesses, here are my top ten points all small business owners should be aware of:

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Home Renovations Tax Credit

There are big opportunities  in the 2009 Canadian Federal Budget to help retailers boost their business. In the 2009 Canadian Federal Budget announced on January 27th, The Honourable Jim Flaherty, Finance Minister, included a Home Renovations Tax Credit (HRTC).

How the Temporary HRTC Will Work

The proposed HRTC will provide a temporary 15-per-cent income tax credit on eligible home renovation expenditures for work performed, or goods acquired, after January 27, 2009 and before February 1, 2010, pursuant to agreements entered into after January 27, 2009. The credit may be claimed for the 2009 taxation year on the portion of eligible expenditures exceeding $1,000, but not more than $10,000, and will provide up to $1,350 in tax relief.

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